Community Health Systems Raises All-Cash Offer for Tenet Healthcare
to $7.25 Per Share

Offer Will Be Withdrawn on May 9 if Tenet Does Not Engage in Good
Faith Discussions

May 02, 2011 07:00 AM Eastern Daylight Time

FRANKLIN, Tenn.--(BUSINESS WIRE)--Community Health Systems, Inc. (NYSE: CYH) (“CHS”) today announced that
it has raised its all-cash offer to acquire all outstanding shares of
common stock of Tenet Healthcare Corporation (NYSE: THC) to $7.25 per
share from $6.00 per share.

The increased offer is CHS’s best and final offer based on information
currently available to CHS. If Tenet has not begun good-faith
discussions with CHS by May 9, 2011, at 6:00 p.m. ET, the offer will
expire and CHS will withdraw its nominees for election to Tenet’s Board
of Directors.

Wayne T. Smith, chairman, president and chief executive officer of CHS,
said, “We are making this offer to bring this matter to a prompt
conclusion in the best interests of all concerned. We call on the Tenet
Board to uphold its fiduciary duties and enter into good-faith
discussions with us to conclude a mutually beneficial transaction.
Unless we see meaningful engagement by May 9, 2011, we will withdraw the
offer and move on to the many other compelling growth opportunities
available to us.”

Each of Credit Suisse and Goldman Sachs has informed CHS that, subject
to customary terms and conditions, it is highly confident that financing
for CHS’s offer can be obtained in the capital markets.

The $7.25 per share offer was made today in the following letter to
the Tenet Board of Directors:

Board of Directors

Tenet Healthcare Corporation

Attention: Trevor Fetter

1445 Ross Avenue

Dallas, Texas 75202

Ladies and Gentlemen:

Community Health Systems, Inc. (“CHS”) remains interested in
acquiring Tenet Healthcare Corporation (“Tenet”). We previously
offered to acquire all of Tenet’s outstanding common stock for $6.00
per share in cash. We are now increasing our offer to $7.25 per
share in cash. This offer provides your shareholders a 69% premium
to the unaffected stock price when we made public our initial
proposal on December 9, 2010, and is our best and final offer based
on information currently available to us.

It is time to move beyond lawsuits and rhetoric. However, if we have
not seen meaningful engagement by May 9, 2011, at 6:00 p.m. ET, we
will withdraw our offer as well as our nominees for election to your
Board of Directors.

The offer remains subject to the conditions set forth in our letter
of November 12, 2010. Each of Credit Suisse and Goldman Sachs has
informed CHS that, subject to customary terms and conditions, it is
highly confident that financing for this offer can be obtained in
the capital markets. Our financial advisors would be happy to meet
with your advisors should you have any concerns regarding our
ability to finance this transaction or need additional information.

We hope to hear from you soon and to begin a productive dialogue
leading promptly to a mutually beneficial transaction.

Sincerely,

Wayne T. Smith

Chairman of the Board, President and Chief Executive Officer

On December 9, 2010, CHS made public an offer to acquire Tenet for $6.00
per share, including $5.00 per share in cash and $1.00 per share in CHS
common stock. The offer was made in a letter to Tenet’s Board of
Directors on November 12, 2010, and rejected on December 6, 2010. On
January 14, 2011, CHS gave the required notice to Tenet that it intends
to nominate a full slate of 10 independent director nominees for
election to Tenet’s Board of Directors at its 2011 Annual Meeting. Tenet
has delayed the meeting until November 3, 2011, and its entire Board is
up for reelection. On April 18, 2011, CHS amended its offer to $6.00 per
share in cash, which Tenet rejected on April 22, 2011.

Located in the Nashville, Tennessee, suburb of Franklin, Community
Health Systems, Inc. is one of the largest publicly traded hospital
companies in the United States and a leading operator of general acute
care hospitals in non-urban and mid-size markets throughout the country.
Through its subsidiaries, the Company currently owns, leases or operates
130 hospitals in 29 states with an aggregate of approximately 19,400
licensed beds. Its hospitals offer a broad range of inpatient and
surgical services, outpatient treatment and skilled nursing care. In
addition, through its subsidiary Quorum Health Resources, LLC, the
Company provides management and consulting services to approximately 150
independent non-affiliated general acute care hospitals located
throughout the United States.

Forward-Looking Statements

Any statements made in this news release that are not statements of
historical fact, including statements about our beliefs and
expectations, including any benefits of the proposed acquisition of
Tenet Healthcare Corporation (“Tenet”), are forward-looking statements
within the meaning of the federal securities laws and should be
evaluated as such. Forward-looking statements include statements that
may relate to our plans, objectives, strategies, goals, future events,
future revenues or performance, and other information that is not
historical information. These forward-looking statements may be
identified by words such as “anticipate,” “expect,” “suggest,” “plan,”
believe,” “intend,” “estimate,” “target,” “project,” “could,” “should,”
“may,” “will,” “would,” “continue,” “forecast,” and other similar
expressions.

These forward-looking statements involve risks and uncertainties, and
you should be aware that many factors could cause actual results or
events to differ materially from those expressed in the forward-looking
statements. Factors that may materially affect such forward-looking
statements include: our ability to successfully complete any proposed
transaction or realize the anticipated benefits of a transaction, our
ability to obtain stockholder, antitrust, regulatory and other approvals
for any proposed transaction, or an inability to obtain them on the
terms proposed or on the anticipated schedule, and uncertainty of our
expected financial performance following completion of any proposed
transaction and other risks and uncertainties referenced in our filings
with the Securities and Exchange Commission (the “SEC”). Forward-looking
statements, like all statements in this news release, speak only as of
the date of this news release (unless another date is indicated). We do
not undertake any obligation to publicly update any forward-looking
statements, whether as a result of new information, future events, or
otherwise.

Additional Information

This news release does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any
vote or approval. This news release relates to a business combination
transaction with Tenet proposed by CHS, which may become the subject of
a registration statement filed with the SEC. CHS intends to file a proxy
statement with the SEC in connection with Tenet’s 2011 annual meeting of
shareholders. Any definitive proxy statement will be mailed to
shareholders of Tenet. This material is not a substitute for any
prospectus, proxy statement or any other document which CHS may file
with the SEC in connection with the proposed transaction. INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ ANY SUCH DOCUMENTS FILED WITH THE SEC
CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Such documents would be available free of charge through the web site
maintained by the SEC at www.sec.gov
or by directing a request to Community Health Systems, Inc. at 4000
Meridian Boulevard, Franklin, TN 37067, Attn: Investor Relations.

Participant Information

CHS and its directors, executive officers and nominees may be deemed to
be participants in the solicitation of proxies in connection with
Tenet’s 2011 annual meeting of shareholders. The directors of CHS are:
Wayne T. Smith, W. Larry Cash, John A. Clerico, James S. Ely III, John
A. Fry, William N. Jennings, M.D., Julia B. North and H. Mitchell
Watson, Jr. The executive officers of CHS are: Wayne T. Smith, W. Larry
Cash, David L. Miller, William S. Hussey, Michael T. Portacci, Martin D.
Smith, Thomas D. Miller, Rachel A. Seifert, and T. Mark Buford. The
nominees of CHS are: Thomas M. Boudreau, Duke K. Bristow, Ph.D., John E.
Hornbeak, Curtis S. Lane, Douglas E. Linton, Peter H. Rothschild, John
A. Sedor, Steven J. Shulman, Daniel S. Van Riper, David J. Wenstrup,
James O. Egan, Jon Rotenstreich, Gary M. Stein and Larry D. Yost. CHS
and its subsidiaries beneficially owned approximately 420,000 shares of
Tenet common stock as of January 7, 2011. Additional information
regarding CHS’s directors and executive officers is available in its
proxy statement for CHS’s 2011 annual meeting of stockholders, which was
filed with the SEC on April 7, 2011. Other information regarding
potential participants in such proxy solicitation and a description of
their direct and indirect interests, by security holdings or otherwise,
will be contained in the proxy statement that CHS intends to file with
the SEC in connection with Tenet’s 2011 annual meeting of shareholders.